By Mahmoud Gamal
Kuwait – Mubasher: Kuwait Stock Exchange (KSE) indices shut in the green zone on Wednesday, continuing their bullish performance for the second successive day.
The market was buoyed up by continued buying spree and building of new positions on select stocks, amid improving oil prices.
The price index rose 0.20% or 12.27 points to close at 6303.35 points, while the weighted index added 0.36%, or 1.53 points to 425.66 points and KSX 15 ended 0.37% or 3.79 points higher at 1032.79 points.
Traders’ sentiment was upbeat today, which pushed indexes higher, said technical analyst Mohamed Al-Shatie.
He added that some blue chips like NBK, KFH and Zain saw strong buying, while continued accumulation of small-cap stocks like ADNC, Manazel and Mabanee drove indices higher.
The healthcare sector was the best performer, with a rise of 1.13%, while consumer goods led decliners with a fall of 0.51%.
As for stocks, YIACO topped advancers with an 8.62% surge, while UPAC led decliners with a loss of 7.35%.
Wednesday’s turnover rose 27% to KWD 18.07 million, up from KWD 14.24 million on Tuesday. Traded volume also increased by 3.4% to 224.70 million shares from 217.32 million shares.
Al-Shatie noted that liquidity levels were buoyed up by positive speculations on heavy weight stocks. He stressed that liquidity remains at normal levels which have not been changed for years, signaling that major institutions and portfolios continue to shy away from the local bourse.
ADNC stock was the top active in terms of traded volume for the fifth successive session, upon trading more than 41 million shares. Meanwhile, NBK topped actives with turnover reaching KWD 2.03 million.
The analyst advised traders neither take rapid investment decisions nor use more than 30% of their liquidity until a clearer vision is formed and positive catalysts are present.
Al Shatie also expects KSE indexes to continue the rally, in line with the listing of Mezzan Holding on Thursday.
Translated by Sayed Abdel Rahman
